MAJESTIC STAR CASINO LLC

MAJESTIC STAR CASINO LLC News

Majestic Star Casino LLC, a riverboat casino owner preparing to exit bankruptcy, is fighting a $19 million property tax bill that may cause it to reconsider the company’s court-approved reorganization plan.

Lehman Brothers Holdings Inc. filed papers early this morning to stay 50 lawsuits, mostly those it began in the last few days as the two-year deadline was approaching for the commencement of suits to recover fraudulent transfers and preferences.

The bankruptcy judge overseeing Lehman Brothers Holdings Inc. formally required creditors to participate in non-binding mediation to resolve disputed claims. Some of the more than 120 objections filed by financial institutions and creditors were incorporated into the mediation procedures approved yesterday.

Auto-parts maker Visteon Corp. filed a revised Chapter 11 plan, hoping to mollify existing shareholders by offering them 1.94 percent of the stock if they vote in favor of the reorganization. The new plan came in just before the hearing that began yesterday morning for approval of a disclosure statement explaining the plan.

Nortel Networks Corp. , once North America’s largest communications equipment provider, wants a bankruptcy judge to settle a dispute over Avaya Inc. ’s $915 million purchase of the corporate networks business that was completed last year.

Almatis BV, a producer of specialty alumina products, filed a prepackaged Chapter 11 reorganization early this morning in New York where senior secured creditors led by an affiliate of Oaktree Capital Management LLC will take ownership in exchange for debt.